London warns against EU bid for relocating Euro clearing houses

Dhaka,  Thu,  24 August 2017
Published : 14 Jun 2017, 14:51:03
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London warns against EU bid for relocating Euro clearing houses

Leading figures in the City of London have warned that any moves by Brussels to seize Britain’s prized euro clearing business would harm European companies, as the EU moved to equip itself with powers to make such activities relocate after Brexit, according to global media report on Wednesday.

The European Commission published plans Tuesday that would force UK-based clearing houses, such as the London Stock Exchange’s LCH, to stick to EU regulations and accept requirements set by the European Central Bank if they want to handle large volumes of euro-denominated trading.

London’s right to host the business would hinge on an assessment by EU market supervisors and the ECB, and ultimately on a decision taken by the commission itself.

But Catherine McGuinness, policy chairman at the City of London Corporation, said: “In taking steps to shift power away from UK clearing houses, the EU could damage itself unnecessarily.”

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